Section 47, Cap. 287

When any shares have been converted into stock the holders ofstock may transfer the same or any part thereof in such manner as the Company in General Meeting shall direct, but in default of such direction in the same manner and subject to the same regulations as and subject to which the shares from which the stock arose might previously to conversion have been transferred, or as near thereto as circumstances will admit. But the Directors may from time to time fix the minimum amount of stock transferable, and restrict or forbid the transfer of fractions of that minimum with power to waive compliance with such rules upon such occasions as they think fit, provided that the minimum shall not exceed the nominal amount of the shares from which the stock arose.